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Interesting, you guys have exceeded my expectations. Or perhaps this puzzle really was pretty trivial. :P Like with the Law of Costs, I think the above example shows how you can find distinctive results with the Austrian approach to this subject that can't be found using a Neoclassical approach. Feel free to explain your answers. (Interestingly
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[quote] and only read this one: [quote user="abskebabs"]Let's say there are 3 means/production goods A,B and C owned by the operator of a business. [/quote] The way I read it initially it wasn't much of a puzzle at all :P In light of the new (to me) information I'll need more time to think about it. [/quote] Ah, that's embarassing
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[quote user="Zlatko"] Can they sell only one of each? [/quote] Yes, in fact it is only possible for the firm to be able to sell one of each since they can onl possibly get their hands on one of each factor in this puzzle by construction, since they have one of A and one C and can get one of B from the seller. I made the puzzle this way for
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Here's a fun little puzzle to try if you believe you've properly understood marginal utillity. Let's say there are 3 means/production goods A,B and C that could be used by the operator of a business. There are 3 ends a, b and c that are consumer goods that can be produced using these goods as specified below. A is a non-specific means that
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Guys, it turns out Dennis Robertson solved the problem a long time ago. Here's an anecdote of Reisman's about a class he took with George Stigler in the following blog post on the law of costs: http://archive.mises.org/5505/more-from-bohm-bawerk-on-cost-of-production-as-a-determinant-of-prices/ "Specifically, I had taken a class from Prof
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This claim is interesting, though I will not pretend to be fully qualified to assess it: [quote]The rate of price deflation makes money holding more attractive relative to physical capital.[/quote] I've seen this type of argument before, usually from people with a less academic background. I think what he's saying here however rests on the idea
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Mises and Hayek could definitely read French. I think Hulsmann commented that Mises' French may have been better than his English before he started teaching in Geneva in the 30s. It is curious though, Mises, does not seem to have explicitly highlighted the contributions of the French liberals, let alone mention Molinari.
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I think there might be something to that, given the general stream of Hayek's thought I think it's a bit harder to box him into a particular category on these types of questions. In the following interview Sudha Shenoy says : "AEN: What about political divisions between Mises and Hayek? SHENOY: This is interesting. Mises was quite clear
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I enjoy wide ranging, intellectual conversations at cafes and in many ways I think of a good internet forum a bit like such a place. I wondered aloud who from here I think I'd most likely enjoy meeting at a coffee for a good chat and thought it would make an interesting thread. Since I'm starting the thread I'll go ahead and make my 3 nominations
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Hi David, I just want to let you know that much of what you've said above resonates with me and I am currently trying to in my own feeble way, to do some of it. I'm currently working on a slightly history of thought based price theory dissertation at a neoclassical school and am looking to demonstrate Bohm Bawerk's theory of value and price